Industrial Policy and Japanese Economic Development, 1945-1990

James E. Vestal

Planning for Change

Industrial Policy and Japanese Economic Development, 1945-1990

James E. Vestal

Description

In addition to providing an overview of Japanese development and industrial policy measures used during the 1945-1990 period, this book assesses the contribution that industrial policy made to Japan's phenomenal economic success. James Vestal concludes that a stable, gradual, and long term perspective was key to Japan's development, rather than "picking winners." Policy makers selectively blocked competition in inefficient sectors in order to maintain employment, which was necessary given that Japan's productive capital was decimated in the war. Barriers to competition were raised as the Japanese economy became able to provide full employment at above subsistence wages. Given the enormous upheaval associated with introducing a competitive market structure, the Japanese case has important lessons for Russia and Eastern European nations today.

Planning for Change

Industrial Policy and Japanese Economic Development, 1945-1990

James E. Vestal

Reviews and Awards

"This book is must reading for everyone interested in industrial policy...Anyone who thinks they are following the Japanese model for developing economies or for industrialized nations should read this book with care."--Manufacturing Competitiveness Frontiers